FG Approves Reduction Of Business Registration Fees For MSMEs

Vice President, Yemi Osinbajo has approved a reduction in the rates for registration of businesses under MSMEs for 90 days.

In a tweet by his spokesman, Laolu Akande, Osinbajo made the announcement to encourage business owners that are having it difficult to register their businesses as a result of the cost.

The previous price set for the registration of businesses was N10,000 but has been reviewed downwards and slashed by 50% to N5,000. .

Osinbajo, who was quoted as making the announcement at the launch of the 19th edition of the Micro, Small and Medium Enterprises (MSMEs) Clinics in Enugu, said the special window of 90 spanned from Oct. 1 to Dec. 31.

He said that the move was to further ease the process of registering MSMEs in the country.

“It was observed during some of the earlier editions of the MSMEs Clinics that a lot of MSMEs were finding it difficult to register their businesses as a result of cost.

“The practice since we began the MSMEs clinics is that most agencies offer price reductions, especially for registration, and all other pre-investment approvals, during the Clinics.

Nigeria’s Vice President, Prof. Yemi Osinbajo.

“So, I am pleased to announce that the Federal Government, through the Corporate Affairs Commission, has approved a special window of 90 days from Oct. 1 to Dec. 31 to register businesses at a considerably reduced rate of N5,000 only, down from as much as N10,000 previously.’’

He said the action was taken to afford more MSMEs an opportunity to formalise their businesses.

Addressing business owners on other initiatives by the Federal Government designed to consolidate the gains of the MSMEs Clinics, Osinbajo said that the Federal Government would be establishing shared facilities for MSMEs.

He said that the facilities would be based on a partnership between the Federal Government, interested States, Bank of Industry, NEXIM Bank, FIRS, NAFDAC, SON and interested private sector partners, as part of efforts at deepening the impact of the Clinics.

“The purpose of these shared facilities is to have a fully-equipped place with machinery and equipment required for various trades and businesses. MSMEs can then do their businesses at those locations at a reasonable cost.

“This way, MSMEs are spared the financial burden of having to buy their own equipment in order to be able to do business.

“Where possible, these shared facilities would have been pre-certified by relevant agencies, removing the need for MSMEs to pursue these certifications by themselves.’’

He also announced the Federal Government’s willingness to partner with State governments in establishing more One-Stop Shops, to further enhance business registration and facilitate seamless interaction between owners of small businesses and the relevant regulatory agencies.

The vice president said that the Federal Government was also aware that some States had gone on to set up ‘One-Stop Shops’ after the Clinics.

According to him, the One-Stop Shops will bring all the relevant agencies together in one place so as to enable the MSMEs access their services on an ongoing basis.

“The Federal Government is also willing to partner with your State Government to immediately set up one such place for the good use of MSMEs in Enugu State,” he said.

Osinbajo also said there were follow-up plans to ensure that all the finalists from the maiden edition of the MSMEs Awards were supported with publicity and media exposure, to enable them to reach even larger markets at home and abroad.

He said that the ongoing disbursement of collateral and interest-free loans given to petty traders under the GEEP TraderMoni programme would soon be launched in Enugu.

Meanwhile, in line with the approval made by Osinbajo, the Corporate Affairs Commission, CAC has released a statement to announce its reduction in the cost of registration of businesses.

Medium and Small Scale enterprises now have an opportunity to register their businesses at a lower rate for 90 days, starting October 1st till December 31st.

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